Avalanche, a blockchain platform, recently announced a $50 million initiative to buy tokenized assets on its blockchain. The program, called Avalanche Vista, is intended to demonstrate the merits of applying blockchain rails to traditionally manual use cases. Despite the bullish cues, the native token AVAX has erased its 2023 gains and is currently trading at levels last seen in late July 2021.AVAX prices rallied 3% since Aug 26 to reach a daily high near $10.3 on Aug 27. However, bears pushed down the token’s gains, underscoring the selling pressure against the token. If AVAX price fails to recover, the Avalanche token might drop to the support near $9.8. Furthermore, breaching the immediate support level might result in AVAX price dropping to the support near $9.1, a level AVAX price last reached in Jan 2021. On the other hand, should bulls manage to continue the rally, AVAX price might rise to the resistance near $10.6.The Avalanche Foundation hopes that the Vista program will help drive the growth of tokenization in the crypto and specifically the on-chain finance sector. The initiative could help the blockchain platform accelerate development, while providing new users with exposure to its native token, AVAX. However, the token unlock, which introduced 9.54 million AVAX tokens to the market, worth $97.2 million at the time, could have added to the bearish cues against the token.

Information	Details
Geography	Asia
Countries
Sentiment	neutral
Relevance Score	8
People	John Wu, Ava Labs
Companies	Avalanche, Avalanche Foundation, Ava Labs, CoinChapter.com, None
Currencies	AVAX, Bitcoin, Ethereum, USD, None
Securities	None